Matte Proofs have a dull
texture caused by etching of the coin's surfaces. The Matte texture
has been found on both High Relief and Low Relief 1922 Peace Dollars.

Satin Proofs have a
brilliant texture unlike that seen on examples made for circulation.
The Satin finish is found only on Low Relief 1922 Peace Dollars. The
finest Satin Proof, Low Relief 1922 Peace Dollar is the former Jack Lee
example, cited as NGC PFSA-66 in Goldbergs 01/2004:2839

The strike on Proof 1922
Peace Dollars should be strong and there should be no underlying
marks. Friction on the high points or contact marks will leave shiny
areas where the matte or satin finish has been disturbed. Beware of
fraudulent Proofs where a faux texture has been applied to a circulation
strike -- these will show matte or satin surfaces inside any
contact marks. True Matte Proofs are extremely rare, with only six
to eight known of the High Relief version and only two to four known of
the Low Relief version. Satin Proofs are also extremely rare, with
only two to four known.

The August 28, 2001 issue of
Numismatic News contained the following announcement:
"First circ high-relief '22 found. The first reported
high-relief 1922 Peace Dollar struck for circulation and not as a matte or
satin proof was found and on display at the Numismatic Guaranty
Corporation table at the ANA convention. The owner, who did not want
to be identified, said it is confirmation that not all 35,401 coins struck
were melted. He added that he had no immediate plans to sell it, but
he would in a year or so."

Significant examples:NGC Matte Proof-65 (Low Relief)
(illustrated above)
- Norweb 1988:3933
- Goldbergs 01/2004:2840, $74,750.00
"These were not known to Breen and are not reported in his Proof or regular encyclopedias. Two of these turned up in the massive Norweb sale by Bowers and Merena in 1988. Both apparently came from the collection of Ambrose Swasey, a member of the Assay Commission at the time. It appears that George T. Morgan coined two pieces in this matte finish specifically at the request of Swasey. This coin was from Lot #3933 in the Norweb Sale. Although 4 are reported in the NGC census, there may be one reported twice, this coin is listed under "Norweb/Lee" (one of 2 graded Proof 63 and this coin as 65), then below as "Matte Low Relief" as Proof 65, since this is one of two Norweb coins it is reasonable to assume that someone sent it back for a possible upgrade, keeping the known population at 3 coins. Milky white in color, and an outstanding gem in every way. Free of toning and a beautiful example in every respect..."